Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Identifiable Assets Acquired, Liabilities Assumed, and Consideration

The provisional amounts for assets acquired, liabilities assumed, and consideration related to the acquisitions during the year ended December 31, 2025, including measurement period adjustments to provisional fair values in respect of acquisitions completed in the previous period, were:

in $ millions	Eco Material (i)	Other acquisitions (i) (ii)	Total
Identifiable assets acquired and liabilities assumed
Assets
Cash and cash equivalents	23	37	60
Accounts receivable, net	153	218	371
Inventories	32	93	125
Other current assets	22	8	30
Property, plant and equipment, net	647	1,302	1,949
Equity method investments	–	(49)	(49)
Intangible assets, net	789	123	912
Operating lease right-of-use assets, net	63	58	121
Total assets	1,729	1,790	3,519
Liabilities
Accounts payable	49	118	167
Accrued expenses	55	38	93
Operating lease liabilities	62	58	120
Long-term debt	–	159	159
Deferred income tax liabilities	108	25	133
Other liabilities	141	173	314
Total liabilities	415	571	986
Total identifiable net assets at fair value	1,314	1,219	2,533
Goodwill	775	1,045	1,820
Equity method investments becoming subsidiaries	–	(233)	(233)
Redeemable noncontrolling interests	–	(17)	(17)
Noncontrolling interests	–	(7)	(7)
Total consideration	2,089	2,007	4,096
Consideration satisfied by:
Cash payments	2,089	1,827	3,916
Non-cash consideration	–	109	109
Profit on step acquisition	–	40	40
Deferred consideration (stated at net present cost)	–	12	12
Contingent consideration	–	19	19
Total consideration	2,089	2,007	4,096
Acquisitions of businesses, net of cash acquired
Cash consideration	2,089	1,827	3,916
Less: cash and cash equivalents acquired	(23)	(37)	(60)
Total outflow in the Consolidated Statements of Cash Flows	2,066	1,790	3,856

(i)The estimated fair values of assets acquired and liabilities assumed associated with these acquisitions are provisional (principally in respect of Property, plant and equipment, net, Intangible assets, net, provisions for liabilities and the associated goodwill and deferred tax aspects) and are based on the information that was available as of the reporting date. The Company expects to finalize the valuation and complete the purchase price allocations as soon as practical but no later than one year from the acquisition dates.

(ii)    Acquisitions are aggregated on the basis of individual immateriality. The acquisition balance sheet presented in this note reflects the identifiable net assets acquired in respect of acquisitions completed in the year ended December 31, 2025, together with measurement period adjustments to provisional fair values in respect of acquisitions completed during previous periods; none of which were material.

The amounts for assets acquired, liabilities assumed, and consideration related to the acquisitions during the year ended December 31, 2024, were:

in $ millions	Hunter	Adbri	Other acquisitions (i)	Total
Identifiable assets acquired and liabilities assumed
Assets
Cash and cash equivalents	–	15	38	53
Accounts receivable, net	–	156	152	308
Inventories	70	133	149	352
Other current assets	2	6	8	16
Property, plant and equipment, net	1,069	1,364	850	3,283
Equity method investments	–	366	–	366
Intangible assets, net	2	4	184	190
Operating lease right-of-use assets, net	12	18	85	115
Total assets	1,155	2,062	1,466	4,683
Liabilities
Accounts payable	–	17	54	71
Accrued expenses	6	67	30	103
Operating lease liabilities	12	18	85	115
Long-term debt	–	519	9	528
Deferred income tax liabilities	–	208	27	235
Other liabilities	8	151	57	216
Total liabilities	26	980	262	1,268
Total identifiable net assets at fair value	1,129	1,082	1,204	3,415
Goodwill	977	227	940	2,144
Redeemable noncontrolling interests	–	–	(12)	(12)
Noncontrolling interests	–	(507)	–	(507)
Total consideration	2,106	802	2,132	5,040
Consideration satisfied by:
Cash payments	2,106	802	2,045	4,953
Asset exchange	–	–	41	41
Deferred consideration (stated at net present cost)	–	–	27	27
Contingent consideration	–	–	19	19
Total consideration	2,106	802	2,132	5,040
Acquisitions of businesses, net of cash acquired
Cash consideration	2,106	802	2,045	4,953
Less: cash and cash equivalents acquired	–	(15)	(38)	(53)
Total outflow in the Consolidated Statements of Cash Flows	2,106	787	2,007	4,900

(i)    Other acquisitions are aggregated on the basis of individual immateriality.

Schedule of Acquisition-Related Costs

The Company incurred the following acquisition-related costs for the years ended December 31:

in $ millions	2025	2024	2023
Acquisition-related costs
Substantial acquisition-related (i)	45	46	–
Other acquisitions	33	27	10
Total acquisition-related costs	78	73	10

(i) Represents expenses associated with the non-routine substantial acquisition of Eco Material as well as other acquisition costs of an extraordinary nature. The comparative periods presented include expenses related to the acquisition of Adbri and Hunter in 2024.